- (1.) M/s. Tannery and Footwear Corporation of India Ltd., Kanpur is a Government of India undertaking, The Writ Petition No. 21592 of 1995 has been filed by Tannery and Footwear Corporation Staff Welfare Association and others for the relief of quashing the decision dated 14.2.1995 by the Board of Industrial and Financial Reconstruction (abbreviated to B.I.F.R.) under 019.4.1995 passed by the appellate authority for Industrial and Financial Reconstruction, New Delhi under Section 25 of the Sick Industrial Companies (Special Provision) Act, 1985 (in short the 'Act'). The writ petition No. 8634 of 1995 has been filed by the Kanpur Chamra Mills Karamchari Union through its General Secretary against the decision dated 14.2.1995 originating from B.I.F.R. which has since been countenanced in affirmance by the appellate authority, vide order dated 19.4.1995.
(2.) Sri Vinai Khare, appearing for the Petitioners in both the petitions has been heard at length. None appeared for the Respondents.
(3.) The Act was enacted by the Parliament enjoined by the public interest with a view to securing timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a Board of Experts of the preventive, ameliorative, remedial and other measures which need to be undertaken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto.;